GAO Recommends IRS Reconsider Rollover Rules for Retirement Accounts Claimed From States
The GAO notes that the IRS has not taken action to ensure that individuals who claim retirement savings from a state can roll over these savings to other tax-deferred retirement accounts after the IRS’s 60-day deadline, and is concerned that, "Account owners who are unable to roll over their reclaimed savings forgo the opportunity to continue investing the funds on a tax-deferred basis.”